Exhibit
99.1
|
News
Release |
Media
Contacts:
Telkonet
Investor Relations, 240.912.1811, ir@telkonet.com
Garrett
Axford, Georgina Garrett / Simon Jones, 866.940.9987, +44.1903.854900, mail@garrett-axford.co.uk
For
Immediate Release
Telkonet,
Inc. Receives Compliance Notice from NYSE Amex LLC
Germantown,
MD – May 21, 2009 – Telkonet, Inc. (NYSE Amex: TKO), a Clean Technology company
that develops and manufactures proprietary energy management and SmartGrid
networking technology, announced today that it received notice from NYSE Amex
LLC (the “Exchange”) on May 18, 2009 indicating that Telkonet, Inc. (the
“Company”) does not satisfy certain of the Exchange’s continued listing
standards. Specifically, the Company is not in compliance with Section
1003(a)(iv) of the Exchange’s Company Guide (the “Company Guide”) in that it has
sustained losses which are so substantial in relation to its overall operations
or its existing financial resources, or its financial condition has become so
impaired that it appears questionable, in the opinion of the Exchange, as to
whether the Company will be able to continue operations and/or meet its
obligations as they mature.
The
Company was afforded the opportunity to submit a plan of compliance to the
Exchange by June 18, 2009 that demonstrates the Company’s ability to regain
compliance with Section 1003(a)(iv) of the Company Guide by November 18, 2009.
If the Company does not submit a plan, or if the plan is not accepted by the
Exchange, the Company will be subject to delisting procedures as set forth in
Section 1010 and part 12 of the Company Guide.
The
Company's common stock continues to trade on the Exchange. The Exchange has
advised the Company that the Exchange is utilizing the financial status
indicator fields in the Consolidated Tape Association's Consolidated Tape System
and Consolidated Quote Systems Low Speed and High Speed Tapes to identify
companies that are in noncompliance with the Exchange's continued listing
standards. Accordingly, the Company will become subject to the trading symbol
extension ".BC" to denote such noncompliance.
About
Telkonet
Telkonet
provides integrated, centrally-managed energy management and SmartGrid
networking solutions that improve energy efficiency and reduce the demand for
new energy generation. The company’s energy management systems, aimed at the
hospitality, commercial, government, healthcare and education markets, are
dynamically lowering HVAC costs in over 140,000 rooms, and are an integral part
of various utilities’ green energy efficiency and rebate programs.
Primarily
targeting SmartGrid and utility applications, Telkonet’s patented powerline
communications (PLC) platform delivers cost-effective, robust networking, with
real-time online monitoring and maintenance capabilities, increasing the
reliability and energy efficiency across the entire utility grid. www.telkonet.com.
All
company, brand or product names are registered trademarks or trademarks of their
respective holders.
Statements
included in this release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements
involve a number of risks and uncertainties such as competitive factors,
technological development, market demand and the Company’s ability to obtain new
contracts and accurately estimate net revenue due to variability in size, scope
and duration of projects, and internal issues in the sponsoring client. Further
information on potential factors that could affect the Company’s financial
results, can be found in the Company’s Registration Statement and in its Reports
on Forms 8-K filed with the Securities and Exchange Commission
(SEC).